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Problem-
Fenwicke Company organized and began operating a subsidiary in a foreign country on January 1, 2015, by investing LCU 68,000. This subsidiary immediately borrowed LCU 170,000 on a five-year note with 6 percent interest payable annually beginning on January 1, 2016. The subsidiary then purchased for LCU 238,000 a building that had a 10-year anticipated life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, the subsidiary rents the building for three years to a group of local doctors for LCU 4,500 per month. By year-end, payments totaling LCU 45,000 had been received. On October 1, LCU 3,800 was paid for a repair made on that date. The subsidiary transferred a cash dividend of LCU 5,300 back to Fenwicke on December 31, 2015. The functional currency for the subsidiary is the LCU. Currency exchange rates for 1 LCU follow:
JANUARY 1 2015
$ 2.30
1 LCU
OCTOBER 1,2015
2.15
AVERAGE FOR 2015
$ 2.10
DECEMBER 31,2015
$ 1.90
Prepare a statement of cash flows in LCU for Fenwicke's foreign subsidiary and then translate these amounts into U.S. dollars.
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